Insurance’s new normal: Driving innovation with InsurTech

Global InsurTech Report 2017

 

The pace of change in insurance is accelerating and insurers are increasingly looking outside their own organisations in order to respond to business challenges and opportunities, according to our survey.

Insurers are more active than the rest of the financial services sector in monitoring and responding to FinTech, often partnering with innovators. They have changed their perception of InsurTech over the past year and, although concern remains around losing revenue to new entrants, there is a growing understanding and acceptance of the benefits that InsurTech businesses can bring to the established insurance industry.

Companies are making blind bets on innovation with billions of dollars potentially on the line. That is one of the main findings of PwC’s Innovation Benchmark, the report surveyed over 1,200 global executives and business leaders to examine how top companies are meeting innovation challenges. 
Companies are making blind bets on innovation with billions of dollars potentially on the line. That is one of the main findings of PwC’s Innovation Benchmark, the report surveyed over 1,200 global executives and business leaders to examine how top companies are meeting innovation challenges. 
Companies are making blind bets on innovation with billions of dollars potentially on the line. That is one of the main findings of PwC’s Innovation Benchmark, the report surveyed over 1,200 global executives and business leaders to examine how top companies are meeting innovation challenges. 


Key findings

  • Over half (58%) of insurers plan to invest in mobile technology in the next year 
  • 68% plan to adopt blockchain as part of an in-production system by 2018 
  • 94% of insurers say customer engagement and generating better risk insights are the most important innovation trends for them 
  • Data analytics will be the main area for technological investment in the coming year, with 84% planning to invest in this area 
  • 63% of existing insurers are concerned about regulation and data privacy when working with startups 

 

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Michelle Karaolides
Head of Markets and Clients
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